First National Bank of Hutchinson Has $5.97 Million Stock Holdings in Apple Inc. (NASDAQ:AAPL)

First National Bank of Hutchinson reduced its position in Apple Inc. (NASDAQ:AAPL) by 3.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 28,341 shares of the iPhone maker’s stock after selling 949 shares during the quarter. Apple makes up about 3.8% of First National Bank of Hutchinson’s investment portfolio, making the stock its 7th largest holding. First National Bank of Hutchinson’s holdings in Apple were worth $5,969,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Convergence Investment Partners LLC increased its holdings in Apple by 2.3% in the 4th quarter. Convergence Investment Partners LLC now owns 26,886 shares of the iPhone maker’s stock valued at $5,176,000 after acquiring an additional 615 shares during the last quarter. Magnus Financial Group LLC grew its position in shares of Apple by 1.2% during the fourth quarter. Magnus Financial Group LLC now owns 113,846 shares of the iPhone maker’s stock valued at $21,919,000 after purchasing an additional 1,376 shares in the last quarter. Meridian Wealth Partners LLC increased its holdings in shares of Apple by 0.3% in the fourth quarter. Meridian Wealth Partners LLC now owns 32,179 shares of the iPhone maker’s stock worth $6,195,000 after purchasing an additional 104 shares during the last quarter. Silver Oak Securities Incorporated boosted its stake in Apple by 65.9% during the fourth quarter. Silver Oak Securities Incorporated now owns 74,200 shares of the iPhone maker’s stock valued at $14,286,000 after buying an additional 29,462 shares during the last quarter. Finally, Blue Chip Partners LLC grew its holdings in Apple by 5.5% during the 4th quarter. Blue Chip Partners LLC now owns 221,833 shares of the iPhone maker’s stock valued at $42,710,000 after buying an additional 11,643 shares in the last quarter. 60.41% of the stock is owned by hedge funds and other institutional investors.

Apple Stock Performance

AAPL opened at $227.79 on Friday. The company has a market cap of $3.49 trillion, a P/E ratio of 35.43, a price-to-earnings-growth ratio of 2.66 and a beta of 1.24. The company has a quick ratio of 0.91, a current ratio of 0.95 and a debt-to-equity ratio of 1.29. The firm’s 50-day moving average price is $222.19 and its 200-day moving average price is $202.16. Apple Inc. has a 52-week low of $164.07 and a 52-week high of $237.23.

Apple (NASDAQ:AAPL) last issued its quarterly earnings results on Thursday, August 1st. The iPhone maker reported $1.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.34 by $0.06. The business had revenue of $85.78 billion for the quarter, compared to analyst estimates of $84.43 billion. Apple had a net margin of 26.44% and a return on equity of 147.15%. Apple’s revenue for the quarter was up 4.9% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.26 EPS. As a group, equities analysts anticipate that Apple Inc. will post 6.7 EPS for the current fiscal year.

Apple Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, August 15th. Stockholders of record on Monday, August 12th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 0.44%. The ex-dividend date of this dividend was Monday, August 12th. Apple’s payout ratio is 15.55%.

Insider Buying and Selling

In other Apple news, insider Chris Kondo sold 8,706 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the completion of the transaction, the insider now directly owns 15,419 shares of the company’s stock, valued at approximately $3,469,275. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, insider Chris Kondo sold 8,706 shares of Apple stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $225.00, for a total transaction of $1,958,850.00. Following the completion of the transaction, the insider now directly owns 15,419 shares in the company, valued at $3,469,275. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, SVP Katherine L. Adams sold 100,000 shares of Apple stock in a transaction that occurred on Monday, August 5th. The shares were sold at an average price of $206.44, for a total transaction of $20,644,000.00. Following the transaction, the senior vice president now directly owns 191,543 shares of the company’s stock, valued at $39,542,136.92. The disclosure for this sale can be found here. Insiders sold 113,884 shares of company stock valued at $23,723,887 over the last quarter. 0.06% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on AAPL shares. Maxim Group reaffirmed a “hold” rating and set a $203.00 price target on shares of Apple in a research note on Tuesday, September 10th. Raymond James raised their price objective on Apple from $200.00 to $250.00 and gave the company an “outperform” rating in a research note on Friday, July 26th. Morgan Stanley reissued an “overweight” rating and set a $273.00 target price on shares of Apple in a research report on Tuesday, September 10th. Monness Crespi & Hardt restated a “buy” rating and issued a $245.00 price target on shares of Apple in a research report on Monday, September 9th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $261.00 price objective on shares of Apple in a research report on Tuesday, September 10th. One investment analyst has rated the stock with a sell rating, eleven have issued a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Apple presently has an average rating of “Moderate Buy” and an average target price of $238.76.

Apple Profile

Apple Inc designs, manufactures, and markets smartphones, personal computers, tablets, wearables, and accessories worldwide. The company offers iPhone, a line of smartphones; Mac, a line of personal computers; iPad, a line of multi-purpose tablets; and wearables, home, and accessories comprising AirPods, Apple TV, Apple Watch, Beats products, and HomePod.